REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
FOR |
FORGE COMMUNITY PARTNERSHIP |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
FOR |
FORGE COMMUNITY PARTNERSHIP |
FORGE COMMUNITY PARTNERSHIP (REGISTERED NUMBER: 03691518) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FORGE COMMUNITY PARTNERSHIP |
COMPANY INFORMATION |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
12 Victoria Road |
Barnsley |
South Yorkshire |
S70 2BB |
BANKERS: |
10 - 18 Queen Street |
Barnsley |
South Yorkshire |
S70 2AJ |
FORGE COMMUNITY PARTNERSHIP (REGISTERED NUMBER: 03691518) |
BALANCE SHEET |
30 MARCH 2023 |
30.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PENSION LIABILITY | ( |
) |
NET ASSETS/(LIABILITIES) | ( |
) |
RESERVES |
Retained earnings | ( |
) |
( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
FORGE COMMUNITY PARTNERSHIP (REGISTERED NUMBER: 03691518) |
BALANCE SHEET - continued |
30 MARCH 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FORGE COMMUNITY PARTNERSHIP (REGISTERED NUMBER: 03691518) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
1. | STATUTORY INFORMATION |
Forge Community Partnership is a |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
The company has availed itself on Paragraph 3 (3) of Schedule 4 of the Companies Act and adapted the Companies Act formats to reflect the special nature of its activities. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Forge Community Partnership as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Significant judgements and estimates |
No adjustments have been made in the process of applying the below accounting policies that have had the most significant effect on the amounts recognised in the financial statements. |
There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
FORGE COMMUNITY PARTNERSHIP (REGISTERED NUMBER: 03691518) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at fair value of the consideration received or receivable. |
Management fees |
Management fees are included in incoming resources in the period to which they relate. |
Grants receivable |
Income from grants, including capital grants, is included in incoming resources when these are receivable and allocated appropriately between unrestricted and restricted income depending upon restrictions imposed. |
Interest receivable |
Interest is included when receivable by the company. |
Rental income |
Income from rents is included in incoming resources in the period to which it relates. |
Revenue Grants |
Grants which are received for compensation for expenses or losses which have already been incurred are recognisable in income when the grant is received or receivable. |
Tangible fixed assets |
Leasehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Furniture & equipment | - |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation. |
Cost includes all costs directly attributable to making the asset capable of operating as intended. |
Investments in subsidiaries |
Investments in subsidiaries are recognised at cost. |
. |
FORGE COMMUNITY PARTNERSHIP (REGISTERED NUMBER: 03691518) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operated a defined benefit plan for the benefits of its employees. No assets or liabilities have been recognised in the financial statements at 31 March 2023.. In January 2023 the company was informed that exit liabilities of the scheme would be subsumed by BMBC and the company has no further obligations to pay contributions to the fund in respect of its former employees. |
Historically, the net change in the net defined benefit liability was recognised as the cost of the defined benefit plan during the period. Pension plan assets were measured at fair value and the defined benefit obligation was measured on an actuarial basis using the projected unit method. |
Fund accounting |
General funds are unrestricted funds which are available for use at the discretion of the directors in furtherance of the general objectives of the company and which have not been designated for other purposes. |
Designated funds are unrestricted funds earmarked by the management committee for particular purposes. |
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. |
Investment income and gains are allocated to the appropriate fund. |
Resources expended |
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. |
Expenditure is recognised when a liability is incurred. Contractual arrangements and performance related grants are recognised as goods or services are supplied. Other grant payments are recognised when a constructive obligation arises that result in the payment being unavoidable. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
FORGE COMMUNITY PARTNERSHIP (REGISTERED NUMBER: 03691518) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | and | Motor | Furniture |
property | fittings | vehicles | & equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2022 |
and 30 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for period |
At 30 March 2023 |
NET BOOK VALUE |
At 30 March 2023 |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakin |
£ |
COST |
At 1 April 2022 |
and 30 March 2023 |
NET BOOK VALUE |
At 30 March 2023 |
At 31 March 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.3.23 | 31.3.22 |
£ | £ |
Other debtors |
Prepayments and accrued income |
FORGE COMMUNITY PARTNERSHIP (REGISTERED NUMBER: 03691518) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Other creditors |
Accruals and deferred income |
8. | RELATED PARTY DISCLOSURES |
Entities over which the company has control, joint control or significant influence |
31.3.23 | 31.3.22 |
£ | £ |
Management charge income received | 5,000 | 11,800 |
Amounts due to related parties | - | 2,049 |
Amounts due from related parties | 28,385 | 23,178 |
Donations made to related parties | 5,000 | - |
Other related parties |
31.3.23 | 31.3.22 |
£ | £ |
Management charge income received | - | 3,000 |
Donations made to related parties | - | 16,000 |
Amounts due to related parties | - | 2,833 |
9. | POST BALANCE SHEET EVENTS |
In January 2024 the company was informed of the results of a cessation valuation that had been undertaken for its share of the defined benefit pension scheme. At the cessation date, the valuation of the share of assets was less than the share of liabilities. |
As BMBC acts as guarantor for the employer, the exit liabilities will be subsumed by BMBC. The company has no further obligations to pay contributions to the fund in respect of its former pension obligations. |
As such, no assets or liabilities in respect of the pension scheme have been recognised in the 31 March 2023 balance sheet. |
FORGE COMMUNITY PARTNERSHIP (REGISTERED NUMBER: 03691518) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
10. | RESERVES |
Included within reserves are the following fund balances: |
2023 | 2022 |
£ | £ |
General funds | 15,629 | 102,174 |
Designated funds | 200,415 | 202,435 |
Restricted funds | - | 280 |
Pension reserve funds | - | (515,000 | ) |
216,044 | (210,111 | ) |
FORGE COMMUNITY PARTNERSHIP (REGISTERED NUMBER: 03691518) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
11. | SUMMARY OF RESTRICTED AND DESIGNATED FUNDS |
Included within reserves are the following restricted amounts: |
1 Apr 22 | Income | Expenditure | Transfers | 31 Mar 23 |
£ | £ | £ | £ | £ |
BMBC Grant - Mower | 280 | - | (280 | ) | - | - |
Total restricted funds | 280 | - | (280 | ) | - | - |
These funds are used in accordance with the terms of application and terms imposed by the donor. |
The BMBC Grant for the Mower relates to monies received to purchase a mower for use by the company. Yearly expenditure relates to the depreciation of the capital item. |
Included in reserves are the following designated amounts: |
1 Apr 22 | Income | Expenditure | Transfers | 31 Mar 23 |
£ | £ | £ | £ | £ |
Leasehold property | 12,927 | - | (2,020 | ) | - | 10,907 |
Redundancy reserve | 124,508 | - | - | - | 124,508 |
Contingency reserve | 65,000 | - | - | - | 65,000 |
Total designated funds |
202,435 |
- |
(2,020 |
) |
- |
200,415 |
The property designated fund relates to grant monies received for the purchase of leasehold property and the yearly expenditure relates to depreciation of capital items. |
The Directors have set aside reserves held by the company to cover all staff redundancy costs, calculated to be in the region of £124,508 should the liability arise. This includes all aspects of the Forge employees regardless of the projects they are employed to work on. |
The Directors have set aside a separate contingency fund to cover unexpected costs that may arise to enable the company to continue to deliver activities in the short term. |